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Talking Loan Modification with Your Lawyer

loan modification lawyer

As a homeowner, you never want to risk losing your home, but regardless of what you may or may not want, external circumstances can affect what does happen. If you find yourself in a situation where you may lose your home due to your inability to pay your monthly mortgage installment, it is in your best interest to discuss it with a loan modification lawyer who has experience with mortgage modifications. Your legal counsel may suggest one of following three options in order to prevent the loss of your home due to foreclosure.

  1. Loan Modification:
    This option enables you to restructure the mortgage payment in order to ensure that you are able to pay the monthly installments. Your lawyer will need to discuss it with your banking institution or mortgage provider. They may decide to reduce the interest rate, convert it to a fixed rate or lengthen the term of the loan agreement which will give you more time to pay off your mortgage.In some cases there are eligibility requirements in order to receive a loan modification. You will also need to prove that you are unable to pay the current installments due to financial difficulties as well as prove that you can pay the adjusted amount for an undetermined trial period. You will also need to provide all the necessary documentation such as financial statements and proof of income. There may be other documentation required, but a real estate or foreclosure attorney can best advise you on what you would need.
  1. Repayment Plan
    Your financial situation can and will be affected by external influences, a repayment plan is a necessity if you’ve missed a few of your monthly installments. This will help you pay the installments that you’ve missed by spreading the accrued amount over a specified time period. This means that you may pay an extra amount on top of your monthly payment, in order to be up to date with your mortgage. Once this is paid off, your monthly mortgage installments will return to the original amount.
  1. Forbearance Agreement
    This option will provide you with short term relief with regards to your inability to pay your monthly mortgage installment. With this agreement, your banking institution or mortgage provider may agree to lessen or defer payments for a specified period of time. They may also agree to halt foreclosure proceedings during this grace period. However, at the end of this grace period you will need to resume paying the full monthly installment as well as any accrued fees in order to be up to date with all payments.

In conclusion, you never want to take the chance and lose your home. By enlisting legal counsel, you will be walked through the best possible option for you. While you may believe that you don’t need the services of a loan modification lawyer or even a foreclosure defense attorney, it is in your best interest to have someone at your side that understands the legal process and that can explain it to you in a transparent manner.

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Law Offices of
Gary I. Handin, P.A.

Providing professional legal services for the city of Coral Springs. Contact us today for a free consultation – 954-796-9600.

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